Harvey Partners LLC Takes Position in SolarWinds Co. (NYSE:SWI)

Harvey Partners LLC purchased a new position in SolarWinds Co. (NYSE:SWI) during the 3rd quarter, HoldingsChannel reports. The firm purchased 150,000 shares of the software maker’s stock, valued at approximately $1,958,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SWI. Dimensional Fund Advisors LP lifted its stake in SolarWinds by 8.7% in the second quarter. Dimensional Fund Advisors LP now owns 5,776,309 shares of the software maker’s stock valued at $69,603,000 after buying an additional 461,061 shares during the last quarter. Scalar Gauge Management LLC boosted its stake in SolarWinds by 11.3% during the 2nd quarter. Scalar Gauge Management LLC now owns 834,060 shares of the software maker’s stock valued at $10,050,000 after purchasing an additional 85,000 shares during the period. AQR Capital Management LLC grew its position in SolarWinds by 48.5% in the 2nd quarter. AQR Capital Management LLC now owns 825,829 shares of the software maker’s stock worth $9,869,000 after purchasing an additional 269,578 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of SolarWinds by 4.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 566,204 shares of the software maker’s stock valued at $7,389,000 after purchasing an additional 25,416 shares during the period. Finally, Federated Hermes Inc. raised its holdings in shares of SolarWinds by 0.4% during the second quarter. Federated Hermes Inc. now owns 560,015 shares of the software maker’s stock valued at $6,748,000 after buying an additional 2,491 shares during the last quarter. Institutional investors and hedge funds own 93.96% of the company’s stock.

Insider Buying and Selling

In related news, insider Jason Bliss sold 135,000 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $13.02, for a total value of $1,757,700.00. Following the completion of the sale, the insider now directly owns 838,789 shares of the company’s stock, valued at approximately $10,921,032.78. This represents a 13.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sudhakar Ramakrishna sold 200,000 shares of SolarWinds stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.68, for a total value of $2,736,000.00. Following the transaction, the chief executive officer now directly owns 2,212,171 shares in the company, valued at approximately $30,262,499.28. This trade represents a 8.29 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 351,000 shares of company stock valued at $4,703,780. Company insiders own 1.95% of the company’s stock.

SolarWinds Price Performance

NYSE SWI opened at $13.57 on Tuesday. The stock has a market capitalization of $2.31 billion, a P/E ratio of 61.68 and a beta of 0.96. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.71 and a current ratio of 0.71. The business’s fifty day moving average is $13.03 and its two-hundred day moving average is $12.41. SolarWinds Co. has a 1 year low of $10.14 and a 1 year high of $14.02.

SolarWinds (NYSE:SWI) last issued its quarterly earnings results on Thursday, October 31st. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. SolarWinds had a return on equity of 7.96% and a net margin of 4.93%. The firm had revenue of $200.03 million for the quarter, compared to analysts’ expectations of $194.03 million. During the same quarter last year, the business posted $0.11 EPS. SolarWinds’s revenue was up 5.5% on a year-over-year basis. On average, research analysts forecast that SolarWinds Co. will post 0.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SWI has been the subject of a number of research reports. Scotiabank assumed coverage on SolarWinds in a research note on Friday, September 13th. They set a “sector perform” rating and a $13.00 price target for the company. Robert W. Baird raised their target price on SolarWinds from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.00.

About SolarWinds

SolarWinds Corporation provides information technology (IT) management software products in the United States and internationally. It provides a suite of network management software that offers real-time visibility into network utilization and bandwidth, as well as the ability to detect, diagnose, and resolve network performance problems; and a suite of infrastructure management products, which monitors and analyzes the performance of applications and their supporting infrastructure, including servers, physical, virtual and cloud infrastructure, storage, and databases.